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...until we forget about this mistake. All of the people who were running central banks allowed the financial system to become so large and leverage to become so pervasive. That they allowed banks in Iceland to become 850% of GDP is crazy. The Royal Bank of Scotland had the largest balance sheet in the world for a while. That made no sense...
...Bush established the 140,000-sq.-mi. Papahanaumokuakea Marine National Monument off the northwestern coast of the Hawaiian Islands - at the time, the largest protected marine area in the U.S. Tuesday afternoon, however, Bush will beat his own record, announcing the creation of three separate marine national monuments in the central Pacific Ocean that together will span some 195,000 sq. mi. Though greens were hoping for an even larger area, taken together, the marine monuments will mean that President Bush - perhaps the least environmental President in U.S. history - will have protected more of the ocean than anyone else...
...suffering citizens of Gaza, and that they are acting out against a sustained, violent occupation, does nothing to advance the peace process. It is worth remembering that Hamas’ rockets were wildly inefficient, homemade devices incapable of posing a real threat to the world’s fourth-largest military power. While this is not a defense of many of their poor political choices, it further highlights the disproportion of Israel’s so-called “targeted” response...
Wonder why Chicago-based hedge fund Citadel is not allowing investors to withdraw their money until at least March? Citadel has already reported about 50% losses for its two largest funds. Remember: these are unrealized losses. If Citadel liquidated assets to pay out to investors, losses would be even greater. Barring a miracle, the first investors out would lose less than those going out later. But even in good times, the withdrawal of money from a hedge fund impinges its performance...
With red-carpet flourish and speeches by top U.S. and Iraqi officials, the United States celebrated the next step in the U.S.-Iraq diplomatic relationship with the dedication of its sprawling new embassy in Baghdad on Monday. The 104-acre complex is the largest U.S. embassy in the world. "Today is about more than raising a flag and dedicating an embassy. It is about new direction and a new future," said U.S. Ambassador to Iraq Ryan Crocker, standing on an outdoor stage with Iraqi President Jalal Talabani and U.S. Deputy Secretary of State John Negroponte. "In the security agreement...